Monday, 17 September 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £315,000, 4.4% yield

3 bed house, Lloyd Road, Chichester,kitchenlounge
3 bed house in Chichester
Listed for sale on 12/06/18 @ £340,000
Now = £315,000
Rent = £1,150pcm
Yield = 4.4%

Last sold for £249,995 in 2011 (+26% in 7 years)
This three-bedroom house on the Graylingwell Park development in Chichester offers great value. There are suddenly a few near-identical properties in the same street on the market, but at £315,000 this is the cheapest of the lot (the others are on at £325,000, £325,000 and £330,000). There's even a two-bedroom house in the street at £320,000!?! It makes this particular one the cheapest I've seen for a while; they've been selling between £330,000 - £340,000 in the past two years. Indeed, £340,000 is what this was first marketed for in June and it's steadily been reduced to its current asking price.

From a rental perspective the bedrooms aren't as big as some older homes and parking on the estate can be an issue. But their modernness tends to overcome this and they usually rent well; this particular style of three-bedroom house is fractionally smaller than some others, so expect a rental of £1,150pcm.

There is however a juicy kicker that comes with these properties and it's not one most estate agents highlight; the solar panels on the roof. The date the house was first sold can have a drastic effect on the return you achieve, but as a 2011 home this should get the super-duper rate - we're talking £150pcm when averaged over the year. Suddenly a modest 4.4% return (£1,150pcm rent based on the £315,000 asking price) jumps to 5%; which is very attractive for such a well-presented, modern home within a pleasant estate (of which the new-builds, albeit bigger, are priced from £465,000!

You'll be hard pressed to find such a modern three-bedroom house in Chichester for this price. And now you know the secret about the solar panels you should be able to appreciate what a good deal this property represents. The current owner has done ok too since paying £249,995 when it was new; a gain of 26% in seven years, and I still think there should be decent capital growth to come in the future.

The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:

If you are looking for an agent that is well-establishedprofessional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

Chichester rental valuation

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